Best High Interest Current Accounts

Best High Interest Current Accounts

Compare Savings Accounts

Account
first direct 1st Account
Switch Offer
£175 welcome bonus
when you switch to a 1st Account
Funding Required
No monthly minimum
Interest Rate
Access to 7% AER/Gross on Regular Savings*
Account Fee
FREE

SPECIAL OFFER – Switch to a 1st Account and bank £175**

Account
NatWest Select Current Account
Features
Everyday current account
Funding Required
No minimum
Account fee
No fee
Account
Royal Bank of Scotland Select Current Account
Features
Everyday current account
Funding Required
No minimum
Account fee
No fee
Account
Santander Edge Current Account
Switch Offer
Earn £150 cash
when you switch to a Santander Edge current account
Funding Required
£500 per month
Features
Earn cashback every month on selected household bills and essential spend, plus get access to an exclusive savings account paying 6% AER
Account fee
£3 per month

Earn £150 cash when you switch to a Santander Edge current account. To receive the £150, simply open an account, set up 2 direct debits and pay in £1,500 within 60 days. T&Cs apply*

 

SPECIAL OFFER: If you spend a total of £500 using your Santander debit or credit Mastercard, between 4 November and 4 December 2024, you’ll be entered into our Christmas prize draw where you could win 1 of 24 prizes. T&Cs Apply

Account
Santander Edge Up Current Account
Switch Offer
Earn £150 cash
when you switch to a Santander Edge Up current account
Funding Required
£1,500 per month
Features
3.00% AER (2.96% gross variable) on balances up to £25,000, and up to 1% cashback on household bills, supermarket and travel costs (exclusions apply)
Account Fee
£5 pm

Earn £150 cash when you switch to a Santander Edge Up current account. To receive the £150, simply open an account, set up 2 direct debits and pay in £1,500 within 60 days. T&Cs apply*

SPECIAL OFFER: If you spend a total of £500 using your Santander debit or credit Mastercard, between 4 November and 4 December 2024, you’ll be entered into our Christmas prize draw where you could win 1 of 24 prizes. T&Cs Apply

Account
Santander Everyday Current Account
Switch Offer
Earn £150 cash
when you switch to a Santander Everyday current account
Funding Required
No minimum
Features
The current account for your every day banking needs
Account Fee
No fee

Earn £150 cash when you switch to a Santander Everyday current account. To receive the £150, simply open an account, set up 2 direct debits and pay in £1,500 within 60 days. T&Cs apply*

SPECIAL OFFER: If you spend a total of £500 using your Santander debit or credit Mastercard, between 4 November and 4 December 2024, you’ll be entered into our Christmas prize draw where you could win 1 of 24 prizes. T&Cs Apply

Account
first direct 1st Account
Switch Offer
£175 welcome bonus
when you switch to a 1st Account
Funding Required
No monthly minimum
Interest Rate
Access to 7% AER/Gross on Regular Savings*
Account Fee
FREE

SPECIAL OFFER – Switch to a 1st Account and bank £175**

Account
Santander Edge Current Account
Switch Offer
Earn £150 cash
when you switch to a Santander Edge current account
Funding Required
£500 per month
Features
Earn cashback every month on selected household bills and essential spend, plus get access to an exclusive savings account paying 6% AER
Account fee
£3 per month

Earn £150 cash when you switch to a Santander Edge current account. To receive the £150, simply open an account, set up 2 direct debits and pay in £1,500 within 60 days. T&Cs apply*

 

SPECIAL OFFER: If you spend a total of £500 using your Santander debit or credit Mastercard, between 4 November and 4 December 2024, you’ll be entered into our Christmas prize draw where you could win 1 of 24 prizes. T&Cs Apply

Account
Santander Edge Up Current Account
Switch Offer
Earn £150 cash
when you switch to a Santander Edge Up current account
Funding Required
£1,500 per month
Features
3.00% AER (2.96% gross variable) on balances up to £25,000, and up to 1% cashback on household bills, supermarket and travel costs (exclusions apply)
Account Fee
£5 pm

Earn £150 cash when you switch to a Santander Edge Up current account. To receive the £150, simply open an account, set up 2 direct debits and pay in £1,500 within 60 days. T&Cs apply*

SPECIAL OFFER: If you spend a total of £500 using your Santander debit or credit Mastercard, between 4 November and 4 December 2024, you’ll be entered into our Christmas prize draw where you could win 1 of 24 prizes. T&Cs Apply

Account
Chase Current Account
Features
1% cashback on your everyday debit card spending for your first 12 months. Cashback exceptions and limits apply. Plus access to a 3.50% AER easy access saver account
Funding Required
No monthly minimum
Account fee
FREE
Account
Emma Money Management App
Features
Take back ‍control of your money: Track all your accounts in one place and budget in the 21st century
Standard Account Fee
FREE
Account
Chase Current Account
Features
1% cashback on your everyday debit card spending for your first 12 months. Cashback exceptions and limits apply. Plus access to a 3.50% AER easy access saver account
Funding Required
No monthly minimum
Account fee
FREE
Account
Currensea Travel Debit Card
Features
Spend in confidence, whilst saving money on your overseas purchases
Spend & Transfer Money Abroad
Account fee
FREE
Account
Suits Me Bank Account
Features
Get instant access to a UK account in minutes. No credit checks! Just 10 minutes to apply. Receive and send payments to and from your account via the app, and earn with exclusive cashback rewards & partner deals
Adverse Credit
Account
Chase Current Account
Features
1% cashback on your everyday debit card spending for your first 12 months. Cashback exceptions and limits apply. Plus access to a 3.50% AER easy access saver account
Funding Required
No monthly minimum
Account fee
FREE
Account
Santander Edge Current Account
Switch Offer
Earn £150 cash
when you switch to a Santander Edge current account
Funding Required
£500 per month
Features
Earn cashback every month on selected household bills and essential spend, plus get access to an exclusive savings account paying 6% AER
Account fee
£3 per month

Earn £150 cash when you switch to a Santander Edge current account. To receive the £150, simply open an account, set up 2 direct debits and pay in £1,500 within 60 days. T&Cs apply*

 

SPECIAL OFFER: If you spend a total of £500 using your Santander debit or credit Mastercard, between 4 November and 4 December 2024, you’ll be entered into our Christmas prize draw where you could win 1 of 24 prizes. T&Cs Apply

Account
Santander Edge Up Current Account
Switch Offer
Earn £150 cash
when you switch to a Santander Edge Up current account
Funding Required
£1,500 per month
Features
3.00% AER (2.96% gross variable) on balances up to £25,000, and up to 1% cashback on household bills, supermarket and travel costs (exclusions apply)
Account Fee
£5 pm

Earn £150 cash when you switch to a Santander Edge Up current account. To receive the £150, simply open an account, set up 2 direct debits and pay in £1,500 within 60 days. T&Cs apply*

SPECIAL OFFER: If you spend a total of £500 using your Santander debit or credit Mastercard, between 4 November and 4 December 2024, you’ll be entered into our Christmas prize draw where you could win 1 of 24 prizes. T&Cs Apply

Account
Card One Money Current Account
Features
No credit checks - open to everyone with guaranteed acceptance. Help manage your money. Account comprises of a Billing Account for money in and to pay your bills from, plus a Debit Mastercard for your every day spending
Adverse Credit
Cashback
Account
Santander Edge Student Current Account
Features

A free 4-year Santander 16-25 Railcard worth £100 plus a total average saving of £768 (average saving of £192 per year)

Funding Required
£500 every 4 months
Overdraft
£1,500 Interest Free increasing to £2,000. Subject to status
Account
first direct 1st Account
Switch Offer
£175 welcome bonus
when you switch to a 1st Account
Funding Required
No monthly minimum
Interest Rate
Access to 7% AER/Gross on Regular Savings*
Account Fee
FREE

SPECIAL OFFER – Switch to a 1st Account and bank £175**

Account
NatWest Select Current Account
Features
Everyday current account
Funding Required
No minimum
Account fee
No fee
Account
Royal Bank of Scotland Select Current Account
Features
Everyday current account
Funding Required
No minimum
Account fee
No fee
Account
Santander Everyday Current Account
Switch Offer
Earn £150 cash
when you switch to a Santander Everyday current account
Funding Required
No minimum
Features
The current account for your every day banking needs
Account Fee
No fee

Earn £150 cash when you switch to a Santander Everyday current account. To receive the £150, simply open an account, set up 2 direct debits and pay in £1,500 within 60 days. T&Cs apply*

SPECIAL OFFER: If you spend a total of £500 using your Santander debit or credit Mastercard, between 4 November and 4 December 2024, you’ll be entered into our Christmas prize draw where you could win 1 of 24 prizes. T&Cs Apply

Account
first direct 1st Account
Switch Offer
£175 welcome bonus
when you switch to a 1st Account
Funding Required
No monthly minimum
Interest Rate
Access to 7% AER/Gross on Regular Savings*
Account Fee
FREE

SPECIAL OFFER – Switch to a 1st Account and bank £175**

Account
Emma Money Management App
Features
Take back ‍control of your money: Track all your accounts in one place and budget in the 21st century
Standard Account Fee
FREE
Account
Santander 1|2|3 Mini Current Account
Features
3% interest AER
(2.96% gross)
Interest Earned Between
£1,500 to 2,000
Minimum Deposit
No minimum
Account
NatWest Rooster Money Child's Pre-Paid Bank Account
Features
A head start with money - Kids' prepaid debit card and pocket money app. Teaching them good life lessons for the future
Covered Under the FSCS
Monthly Fee
From zero to £1.99
Account
Go Henry Kid's Bank Account
Features
The kids' prepaid debit card & financial education app
Covered Under the FSCS
Monthly Fee
£2.99
Account
Santander Edge Student Current Account
Features

A free 4-year Santander 16-25 Railcard worth £100 plus a total average saving of £768 (average saving of £192 per year)

Funding Required
£500 every 4 months
Overdraft
£1,500 Interest Free increasing to £2,000. Subject to status
Account
Suits Me Bank Account
Features
Get instant access to a UK account in minutes. No credit checks! Just 10 minutes to apply. Receive and send payments to and from your account via the app, and earn with exclusive cashback rewards & partner deals
Adverse Credit
Account
Card One Money Current Account
Features
No credit checks - open to everyone with guaranteed acceptance. Help manage your money. Account comprises of a Billing Account for money in and to pay your bills from, plus a Debit Mastercard for your every day spending
Adverse Credit
Cashback
Account
Airwallex Business Account
Details
All-in-one multi-currency business account for your global payments and financial operations
Debit Card
Monthly Account Fee
FREE

Earn 10% cashback on your first $1,000 of international transactions with Airwallex*

Account
Wallester Business Account
Details
Physical and virtual corporate cards for efficient financial management
Debit Card
Monthly Fee
FREE (for basic plan)
Account
Ampere Business Current Account
Details
Open a business account in minutes, giving you complete control of your funds from one app. Ampere offer the lowest exchange rates and lightning-fast transactions for secure payments
Debit Card
Monthly Account Fee
£20

Account
Tide Business Current Account
Details
Access to Instant Saver Account paying 4.33% AER. For companies of all shapes and sizes. Trusted by 130,000+ UK businesses
Debit Card
Monthly Account Fee
FREE

Access to Instant Saver Account paying 4.33% AER*

*Open a free Tide business current account using referral code FAIRINVESTMENT and you can then open a Tide Instant Saver account in-app and start saving from just £1 (T&Cs apply)
Account
OuiTrust Business Bank Account
Details
Open your multi-currency business account in minutes. Save money on international payments
Debit Card
Monthly Account Fee
FREE to Start

Account
Zempler Business Account
Details
Sign up in minutes for Business Bank Account with no monthly or annual fee
Debit Card
Monthly Account Fee
No Monthly Fee
Account
Card One Business Account
Details
Apply in minutes with no credit checks. Card One just need to verify your identity & residency. Suitable for businesses of all sizes
Debit Card
Monthly Account Fee
£12.50
Account
Anna Business Current Account
Details
ANNA Money is the business current account for startups, small businesses and sole traders
Debit Card
Monthly Account Fee
FREE for 6 months*
Account
Currensea Business Money Transfer Account
Services Offered
Currensea is a new way to globalise existing business bank accounts. Pay in every currency without the fees
Fee
No fee or commission

There are no tables for this criteria

MB UK 4Y Growth Deposit Plan

28.7% - Maximum Potential Return

  • 4 Year Term
  • Capital Protected
  • Alternative To Medium Term Fixed Rate Bonds
More Details »
When trying to save money for the future, there are several options open to cash savers. Options include instant access savings accounts, easy access savings accounts, notice savings accounts, fixed rate bonds and structured deposit plans.

With interest rates increasing due to base rate increases from the Bank of England, it can pay to shop around for the best fixed saving deal. For savers who are prepared to tie up capital for a year or more, typically higher rates of interest are available from savings providers.

A fixed rate bond is a way of gaining a fixed rate of higher interest on your savings for a fixed period of time, typically between one and five years. Generally speaking the longer your savings can be locked away, the higher the interest rate you can get on your money. Some providers offer fixed rate bonds within a Cash ISA, so you benefit from tax-free interest returns.

Providers normally have a minimum subscription age of 18, but some providers offer options to younger savers.

Normally there is a minimum commitment for depositing money into a fixed rate bond – usually around £1,000, but this can be more. This makes bonds unsuitable for those who wish to top up a savings account in small increments, as this is not usually possible beyond the first lump sum, therefore could look into alternative savings and investments plans.

Having a fixed term means that bonds have a maturity date at which time you will be contacted by your savings provider and provided with options on how you wish your money to be returned to you – you may be given options of putting the money into a new account in which case you should always shop around before accepting a savings deal offered by an existing provider as the rate of interest may or may not be competitive.

Product providers do not normally allow you to access your money during the term and if they do there are normally conditions which may involve a loss of interest so ensure you read the small print before you sign up. Some fixed interest providers will allow one withdrawal a year without penalties.

Interest paid on your savings is treated as income and you may have to pay tax on it depending on your circumstances. If you don’t pay tax you can receive interest gross if you complete HMRC tax form R85. Some accounts will pay interest gross and it is up to you to declare any tax owed to the Inland Revenue.

Fixed rate bonds are cash deposit based and you will get back your original deposit plus any interest owed unless the bank or building society gets into serious financial difficulty. In the unlikely event that this happens the Financial Services Compensation Scheme would pay compensation of up to £85,000 per account holder per authorised institution.

The length of time that savers choose to deposit their money depends on personal financial time frames and other budget and savings considerations. If you need rapid access to your cash, bonds are possibly not the best savings option – it might be preferable to look at an alternative savings options or just an instant access savings accounts.

Minimum deposits can vary from £1 to £10,000. Make sure that you are happy to part with that amount of money for a longer period of time! It is worthwhile having a five-year plan of projected expenses – such as mortgages, car purchases, or planning for a family or retirement – to ensure that you will not need access to your fixed rate bonds account.

Withdrawals are either not permitted or restrictions will apply. Read the provider terms and conditions so that you know what you are getting into. Some providers for example will allow one withdrawal during the term without penalties.

The payment of interest can also vary- some offer monthly interest, others quarterly or annually, and some only pay at the end of the agreed term. Choose a product that fits in with your requirements for the best rates of high interest.

Tax is payable on interest accrued unless you are a non tax payer in which case you can receive interest gross if you complete HMRC tax form R85. Alternatively it is often possible to take a Cash ISA fixed rate bond (current cash ISA allowance for 2018/19 is £20,000 per individual) from which interest can be taken tax free.

If you have cash ISAs from previous tax years you may be able to transfer to a new Cash ISA provider offering a fixed rate bond cash ISA deal.

Please note that this information is based on current law and practice which may change at any time.

1. Consider all options – from instant access to fixed rate bonds to instant access options – All have advantages and disadvantages when trying to build a nest egg for the future.

2. Check the market – shop around to find the right savings plan for you. Interest rates change all the time, and deals come and go on a regular basis.

3. Make sure you find a product that works for you –  The choice of bond is dependent on the amount of money you intend to deposit, the fixed rate, and the length of the fixed rate period. Whether you want the account to be operated on an online account basis, postal basis or telephone basis. These should all be taken into consideration before making your choice. Read the savings provider terms and conditions carefully.

4. Read the fine print – determine when the provider is likely to let you access your money, how much notice is required, and if there are any penalties for requesting access before the bond matures.

5. Some deals require you to have the interest paid into a current account – check the small print.

6. Check the small print on how interest is paid –  If monthly or annually, this will need to be declared if you submit a tax return. If interest is paid on maturity, this may be useful for tax planning purposes.

7. Many deals require you to have internet access –  Some are offered on a postal or branch basis – check the small print.

8. Check that your money is covered by the Financial Services Compensation Scheme – they will guarantee £85,000 of savings against institutional failure. Most UK banks should have this cover, but Irish banks that do not have a UK arm may not be covered by the FSCS.

9. Check what happens when your savings product matures – Providers will write to you when your account matures; if you do not respond, the provider will often put your savings into a low or no-interest holding account until you provide instructions on what you want to do with the money. It is therefore important to diarise the maturity of your bond and have in mind what you want to do with the money.

10. What is the tax treatment if you are a non-taxpayer – If you are not a taxpayer, many providers will pay interest gross on submission of the relevant HMRC tax form.